Espanola, New Mexico Property Taxes
The median property tax rate in Espanola, NM is 0.55%, significantly lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With a median home value of $156,314 in Espanola, the typical annual property tax bill averages $803, well below the national median of $2,690. Property taxes in Espanola are calculated based on the assessed value, which is often less than the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Espanola's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Espanola or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Espanola, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$860
Ownwell’s Espanola Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Espanola with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Espanola to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Espanola, New Mexico
Property taxes in Espanola, New Mexico, are crucial for funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Espanola is 0.55%, significantly lower than the U.S. national median of 0.99%. Local government entities within Espanola set these rates annually, and they can vary across different neighborhoods. Each year, Espanola estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Espanola's effective property tax rate to other areas in Santa Fe County and the national median. For comparison, the zip code 87567 has the highest median property tax rate of 0.63%, while zip code 87532 has the lowest median tax rate of 0.55%. Understanding how these areas compare with Espanola provides valuable insights into the varying tax landscape across Santa Fe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Espanola Tax Rate
0.55%
Average Santa Fe County Tax Rate
0.55%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Espanola, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87532 | 0.35% | 0.45% | 0.55% | 0.66% | 0.75% |
| 87533 | N/A | N/A | N/A | N/A | N/A |
| 87567 | 0.62% | 0.62% | 0.63% | 0.63% | 0.64% |
Source: Ownwell
Property Tax Assessment Values Across Espanola, New Mexico
In Española, New Mexico, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Santa Fe County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. Assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Española helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $4,981 in zip code 87567, while the lowest is $803 in zip code 87532.
Average Espanola Assessed Value
$156,314
Average Santa Fe County Assessed Value
$365,234
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Espanola, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87532 | $9,689 | $51,668 | $156,303 | $248,823 | $369,113 |
| 87533 | N/A | N/A | N/A | N/A | N/A |
| 87567 | $400,522 | $544,518 | $784,512 | $1,024,505 | $1,168,502 |
Source: Ownwell
Property Tax Bills Across Espanola, New Mexico
In Española, located in Santa Fe County, NM, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is typically a percentage of the property's market value, which is influenced by factors like location, property size, and market conditions. For example, with a median home price of $156,314, homeowners can expect varying tax bills based on specific assessments and applicable exemptions. Tax bills in Española can range significantly. At the 25th percentile, homeowners might pay around $297, while those at the 75th percentile could see bills as high as $1,275. The 90th percentile tax bill can reach up to $1,869, reflecting the diverse property values within the area. For context, the highest median tax bill in the county is $4,981 in the 87567 zip code, while the lowest is $803 in the 87532 zip code. These fluctuations highlight the impact of property value assessments and local tax rates on homeowners' annual expenses.
Average Espanola Tax Bill
$803
Average Santa Fe County Tax Bill
$1,886
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Espanola, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87532 | $60 | $297 | $803 | $1,271 | $1,863 |
| 87533 | N/A | N/A | N/A | N/A | N/A |
| 87567 | $2,491 | $3,425 | $4,981 | $6,537 | $7,470 |
Source: Ownwell